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Mar 25, 2013
03/13
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economy may be growing at a snail's pace. but our next guest says growth in emerging markets will be strong enough to support the u.s. market for quite a bit longer. >> in fact, he's expecting 5.5% growth in those countries by the end of the year. sam stovall is back with us to make the case. that's quite an impressive growth rate. where's it going to come from, though? >> well, traveling around the west coast last week a lot of clients were asking me, how do we end up with rising earnings here in the u.s.? how do we end up with an expanding pe multiple if we're in a below average economic growth rate here? and i remind them that a lot of the companies, 50% of revenues come from overseas. most of the growth coming from the emerging markets. a lot of that is indigenous growth. a lot of that also is growth that they are -- from an exporting perspective. >> right. >> certainly i'm not saying that there is a trigger that is being unexamined at this point. but indicating to investors that 'en though emerging markets are down about
economy may be growing at a snail's pace. but our next guest says growth in emerging markets will be strong enough to support the u.s. market for quite a bit longer. >> in fact, he's expecting 5.5% growth in those countries by the end of the year. sam stovall is back with us to make the case. that's quite an impressive growth rate. where's it going to come from, though? >> well, traveling around the west coast last week a lot of clients were asking me, how do we end up with rising...
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Mar 22, 2013
03/13
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the economy will grow 8.5% this year and maybe more on the next. while praising beijing, he also highlighted the financial sector and urbanization as key areas for reform. eunice yoon can all caught up with secretary general angel lahoria. their conversation quickly switched to cyprus. >> what's happening in cyprus is not indicative of what's happening in the world, not indicative of what's happening in the euro area. in cyprus, there was a peculiar situation. the government could not rescue the banking system. there should have been losses accrued to the critters of the banks who took risk webs but there was a formula where they tried to sort of keep everybody more or less unhappy, but they created a very bad package which, obviously, is proving untenable. they're not going to have to fix it. >> but how can they fix it? >> well, the eu has given the cypriots up until next monday to come up with an alternative because apparently this package of 6.5% for those below 100,000 and 9.9% to those above is 00,000 was something that was decided by the cypr
the economy will grow 8.5% this year and maybe more on the next. while praising beijing, he also highlighted the financial sector and urbanization as key areas for reform. eunice yoon can all caught up with secretary general angel lahoria. their conversation quickly switched to cyprus. >> what's happening in cyprus is not indicative of what's happening in the world, not indicative of what's happening in the euro area. in cyprus, there was a peculiar situation. the government could not...
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Mar 22, 2013
03/13
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banking system, to be as large relative to our economy as the cyprus banking system is to their economy, we would need 45 more jpmorgans in order to have that sizes of the economy. there's somewhere else comparable. the only place they could go was deposits. the big mistake was going after uninsurance -- i mean insured deposits. >> i think i told that from you. that is a good point, but i think i stole it from you. >> the serendipitous part of this for me is that all the countries that are in trouble are like in southern europe for you. you're not in finland, you're not if poland. all the trouble is -- >> beautiful places, joe. >> that's good. that's really good. and then when i said -- >> i do frequently say to myself thank goodness this isn't happening in azurbashaun. >> you have to get there. you're doing it for us and we really appreciate it. >> wait, wait. if this country does leave the euro, we want to see that. we want to document that. >> no, i was just saying because it's not affecting our markets doesn't mean that you shouldn't be there. and we're glad that you are there. >> r
banking system, to be as large relative to our economy as the cyprus banking system is to their economy, we would need 45 more jpmorgans in order to have that sizes of the economy. there's somewhere else comparable. the only place they could go was deposits. the big mistake was going after uninsurance -- i mean insured deposits. >> i think i told that from you. that is a good point, but i think i stole it from you. >> the serendipitous part of this for me is that all the countries...
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Mar 26, 2013
03/13
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because we have no hiring, we aren't getting to get the growth we would normally expect from the economy at this stage in the recovery. and a retrenchment in most spending. that will curtail growth. and we have a serious worry in how much it will cost people to hire with the new employment obamacare laws. we don't have enough small business formation to offset the constant streamlining of every large business i know. ask yourself which companies are hiring aggressively. i can't think of any. so we don't get the bountiful gross domestic product numbers we might expect and we end up simply paying more for companies that can charge higher prices than we thought. at the same time, we pay less for companies to rely on foreign sales unless they're defensives as the drug companies which hit an 11-year -- highs can show you. it seems we will pay anything for the staples like coal gate and bryce total myers because they too build more with less. they build very little and the profits keep coming and coming and coming. and this catch-22 situation benefits so many different equities. as long as we
because we have no hiring, we aren't getting to get the growth we would normally expect from the economy at this stage in the recovery. and a retrenchment in most spending. that will curtail growth. and we have a serious worry in how much it will cost people to hire with the new employment obamacare laws. we don't have enough small business formation to offset the constant streamlining of every large business i know. ask yourself which companies are hiring aggressively. i can't think of any. so...
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Mar 25, 2013
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the economy will have to reinvent itself. the model centering on offshore accounts coming from russia, that is essentially broken. what is next for the economy? >> the offshore banking sector has been broken for the time being. the economy has always arrived on two sectors. tourism will continue, of course. it needs to revive some of the things it's doing. agriculture, light industry, but there isn't much land around to be doing that. so i think what the next business model will be that will employ all of these hundreds of accountants, lawyers, is again going to be business services. we still have a very good corporate cessation. we have very good agreement with other countries. but i'm afraid cyprus will have to forget banks in attracting big deposits on which they make good money. they have to think of other services that businesses are going to need and grow that economy. focus on shipping or trade, that kind of thing. >> economists coming out this morning and saying that this economy could be facing a decline in gdp of mo
the economy will have to reinvent itself. the model centering on offshore accounts coming from russia, that is essentially broken. what is next for the economy? >> the offshore banking sector has been broken for the time being. the economy has always arrived on two sectors. tourism will continue, of course. it needs to revive some of the things it's doing. agriculture, light industry, but there isn't much land around to be doing that. so i think what the next business model will be that...
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Mar 26, 2013
03/13
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economy is pretty encouraging. and there is now a reasonable chance in the second half of the year that the fed might taper its purchases. which would mean instead of buying at $85 billion a month, maybe they buy at $50 billion a month. and to the extent that the economy is continuing to recover over the next year, i think there's a reasonable chance that during the first half of 2014, the fed might phase out its quantitative easing entirely. >> all right. nathan, stay there. more to come from you. meanwhile, let's bring you up to speed with where we are on global asset prices right now. european equities, pretty mixed at the moment. we were up around, what, 10% and a little bit more around this time yesterday. them we went down at the end of the session which brought toous markets down. losses between 0.4%, 0.3% on the dow. the ftse 100 absolutely flat. kingfisher coming up, they're impacting the numbers across europe. xetra dax up 13 points. we're down 0.3% for the ibex. the ftse mib is fairly flat at the moment.
economy is pretty encouraging. and there is now a reasonable chance in the second half of the year that the fed might taper its purchases. which would mean instead of buying at $85 billion a month, maybe they buy at $50 billion a month. and to the extent that the economy is continuing to recover over the next year, i think there's a reasonable chance that during the first half of 2014, the fed might phase out its quantitative easing entirely. >> all right. nathan, stay there. more to come...
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Mar 21, 2013
03/13
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economy. caterpillar, oracle, not just u.s. economy, but the global economy. europe is very, very weak. was going to happen in emerging markets, china, i think is questionable. so i just think there's a lot of question marks out there and the market is not pricing that in right now. >> no. that's a really good point. scott, i guess the federal reserve sees a lot of those question marks, too. they made the point that they don't want to get into a situation where they pullback too quickly because they don't want to see something that's unsustainable gains in the labor market. i guess that's the good news if anybody is waiting for anything is that the fed is still standing by. >> i think what the fed had to say is essentially bullish for everything in the world except for change. because they don't seem like they want to make any changes except for the news that mr. bernanke has now had a conversation with the president about his tenure. and it seems more likely than ever that his term will come to an end in january. unfortunately, it's going no be just about the
economy. caterpillar, oracle, not just u.s. economy, but the global economy. europe is very, very weak. was going to happen in emerging markets, china, i think is questionable. so i just think there's a lot of question marks out there and the market is not pricing that in right now. >> no. that's a really good point. scott, i guess the federal reserve sees a lot of those question marks, too. they made the point that they don't want to get into a situation where they pullback too quickly...
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Mar 21, 2013
03/13
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economy's improving. but we still have fundamental issues in the structure of our economy, imbalances. we are not out of the woods yet. we're not in self-sustaining recovery. we need to start to see that to become increasingly more bullish on the financial markets. >> that was really good. you're a good double act. we should have you on more. thank you both. brian and chad. have great days. >>> seven years ago today twitter co-founder jack dorsey sent the first tweet writing just setting up my twitter. since then the media giant has become a staple for millions. it has transformed the way people communicate so what could twitter do in the next seven years? tweet us @squawkstreet. >>> the market is accelerating downward, now down 67 points. let's get a "market flash" from josh back at hq. >> juniper networks is under pressure this morning. analysts at fbr not fans saying we are the end of an era as routers and switches are set to decline. fbr downgrades juniper and cisco toeon perform. the company's fbr sa
economy's improving. but we still have fundamental issues in the structure of our economy, imbalances. we are not out of the woods yet. we're not in self-sustaining recovery. we need to start to see that to become increasingly more bullish on the financial markets. >> that was really good. you're a good double act. we should have you on more. thank you both. brian and chad. have great days. >>> seven years ago today twitter co-founder jack dorsey sent the first tweet writing just...
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Mar 19, 2013
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causing the economy to get dinged, stock prices get slammed. people freaking about all this almost nonstop. freak out from cyprus. even as i think it's a silly reason, frankly, to be afraid. i told you i would trust ben bernanke again. he's committed to keeping rates low until it's 6.5%, pretty far away from where we are. i explained why you shouldn't let something that has to happen scare you out of high-quality stocks. and as they come down, i want to start getting more positive. i stated that the rates will go higher. it will be because things are getting better. so i think they are. but bernanke will try to keep the rates low as long as he can. you know what, though, while i think the financial stock charts are showing you rates are about to shoot up big, bond technicians may disagree. i would like to have all sides here. how about we take a more empirical look at the issue. if the fed really is about to stop its bond buying you know what's going to happen first, right, first and foremost. bond prices get hammered, particularly u.s. treasur
causing the economy to get dinged, stock prices get slammed. people freaking about all this almost nonstop. freak out from cyprus. even as i think it's a silly reason, frankly, to be afraid. i told you i would trust ben bernanke again. he's committed to keeping rates low until it's 6.5%, pretty far away from where we are. i explained why you shouldn't let something that has to happen scare you out of high-quality stocks. and as they come down, i want to start getting more positive. i stated...
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Mar 19, 2013
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i don't think they've seen enough evidence yet that the economy's firm. and thus ready to pull back. >> when you look at what the fed, very different thing. if you look at what he's likely to do as he goes i guess through the rest of the year and potentially retire, do you think he starts to get positive on the economy just because he wants to say i told you so? >> no. that's not the way he works. what you have now is really a bifurcated economy. growth in the first quarter isn't that bad. private sector employment has gone over 200,000, so that seems to be picking up steam, but at the same time, fiscal policy the tightening and could hold growth back. i don't think he feels any need to beat his chest at this point. >> at the same time, we had a flurry of wall street firms revise their gdp estimates for the quarter. based on that surprise retail sales numbers. >> they're going to be updating their forecasts and i think they're going to be in the two directions. they should be more upbeat about the private sector growth and that creates an upward pull on g
i don't think they've seen enough evidence yet that the economy's firm. and thus ready to pull back. >> when you look at what the fed, very different thing. if you look at what he's likely to do as he goes i guess through the rest of the year and potentially retire, do you think he starts to get positive on the economy just because he wants to say i told you so? >> no. that's not the way he works. what you have now is really a bifurcated economy. growth in the first quarter isn't...
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Mar 26, 2013
03/13
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you can't predict the economy's robust. right thou, the transports are continuing to, unfortunately, tell us that it is a slow growth/no growth economy unless you're either fracking, you're intermodal or e-commerce. >> do the transports still move on that? >> they do to a certain degree but, you know, the bottom line is that all transports have gotten much, much better. >> yeah, yeah. >> that takes a lot of it out of it. >> but if we bring up that chart again, is that fedex? when did this happen on the transports? because it did -- >> fedex. >> fedex to a certain degree, but you know, there was another big player that got shot across the bow that day and that was caterpillar the. >> that was who? >> caterpillar. >> that is not a transport, though. >> yeah. but it's a big industrial. it's a global industrial. they said 13% down sales, they said 25% down in the region. >> so, if we're using the transports as a gauge to the economy, is the fed wrong? are we not going to get the kind of growth that people are expecting at this
you can't predict the economy's robust. right thou, the transports are continuing to, unfortunately, tell us that it is a slow growth/no growth economy unless you're either fracking, you're intermodal or e-commerce. >> do the transports still move on that? >> they do to a certain degree but, you know, the bottom line is that all transports have gotten much, much better. >> yeah, yeah. >> that takes a lot of it out of it. >> but if we bring up that chart again, is...
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Mar 21, 2013
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what's your theme right now for the global economy? >> we still like stocks over bonds, but we're getting nervous. >> because of evaluations? >> we've come so far, so fast. double-digit gains last year. we're almost up 10% this year, even after today. but we think -- so you're kind of set up for a correction. the other thing is how optimistic everybody is. everybody's jumped on the bandwagon, so we felt a lot better in december, when not everybody was with it. but i think if there's any correction, it's not going to be as big as the last few years. the fiscal fights are over in washington. less fear of double dip in the u.s. less worries about europe breaking up, cyprus notwithstanding, or china hardlining. so we would see it as a buying opportunity. >> so what do you want to do, then? should you be taking profits on some of those names you've made money on already? how do you look at a market that you're still bullish on, but are getting a little nervous because of evaluations? >> i can't time this correction. >> right, you don't want
what's your theme right now for the global economy? >> we still like stocks over bonds, but we're getting nervous. >> because of evaluations? >> we've come so far, so fast. double-digit gains last year. we're almost up 10% this year, even after today. but we think -- so you're kind of set up for a correction. the other thing is how optimistic everybody is. everybody's jumped on the bandwagon, so we felt a lot better in december, when not everybody was with it. but i think if...
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Mar 26, 2013
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but the second fasters-growing economy, and we're the center, world center of the new economy. we've got companies like sgoog many, twitter, yahoo! apple, so this is a massive growth of people and very little new housing production. so it's so hot that not only prices up dramatically, but the inventory available is down by 40% to 60%, so not never housing for people to really buy, so prices are soaring. we now have something called the flash sale, that a house goes under contract one day after its listed, almost 1,000 of those in the last year. so it's very hot. >> and a fascinating statistic that the average tile a house sits waiting to be sold is over 90 days, but in your market, far less, 14? >> in the east bay it's 13 to 14, in san francisco and silicon valley, 25 to 27. so you've got to move quickly if you want to buy. it's the betts time to be a buyer, we think in a decade because of the low mortgage interest rates that are there today. >> ken, nice to see you. thank you very much. ken rosin with a view from california. you lived in california. do you feel that? >> a bit.
but the second fasters-growing economy, and we're the center, world center of the new economy. we've got companies like sgoog many, twitter, yahoo! apple, so this is a massive growth of people and very little new housing production. so it's so hot that not only prices up dramatically, but the inventory available is down by 40% to 60%, so not never housing for people to really buy, so prices are soaring. we now have something called the flash sale, that a house goes under contract one day after...
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Mar 25, 2013
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right now i think the economy is sort of drifting along. i think there is fits and spurts but i think everybody is preparing for the future at this point. >> in terms of your own specific business, college trends, demographics, admission rates. >> yeah. >> some positive, some negative? >> three years ago was sort of the peak of the number of students that were going to college so the demographics have changed. the challenges still remain, however, which is college tuition has gone up. seats in classes have gone down. so there's an increased push in something everyone in the state of mississippi which i love, they're one of the ones push for accepting online courses with accredit tags. the reason for that is if you're one of these, for example, the california state school which are excellent schools you can't get into a 101 class. it's going to take you five years to graduate instead of four, it's more money. why t not take it online to get credit for it. there's so much transformation going on i think the next three or four years are going
right now i think the economy is sort of drifting along. i think there is fits and spurts but i think everybody is preparing for the future at this point. >> in terms of your own specific business, college trends, demographics, admission rates. >> yeah. >> some positive, some negative? >> three years ago was sort of the peak of the number of students that were going to college so the demographics have changed. the challenges still remain, however, which is college...
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Mar 20, 2013
03/13
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i am cautiously optimistic about the economy. it seems as if, despite the unemployment, despite the debt, that consumers are spending, and we are enjoying the same level of success that we've enjoyed the last 12 months in the u.s. business. having said that, i think one has to be incredibly concerned about the fragile nature of western europe, what's happening in cyprus, and other geopolitical issues that ultimately affect the united states. >> what about the minimum wage in this country, howard? is $7.25 enough. lots of pushes to take that up to $9, as president obama has talked about. the average starbucks barista, according to glassdoor website, makes $8.78 an hour. >> well, that's a little misleading, but i'll come back to that. you know, i think the minimum wage issue is a double-edged sword. and what i would not want to see is the minimum wage go up and as a result of that, employers starting to hire less people or cutting people's hours. and you have to be very careful of the unintended consequences. on balance, i am a sup
i am cautiously optimistic about the economy. it seems as if, despite the unemployment, despite the debt, that consumers are spending, and we are enjoying the same level of success that we've enjoyed the last 12 months in the u.s. business. having said that, i think one has to be incredibly concerned about the fragile nature of western europe, what's happening in cyprus, and other geopolitical issues that ultimately affect the united states. >> what about the minimum wage in this country,...
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Mar 21, 2013
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he said the chancellor is sucking the confidence out of the economy. the financial markets seemed e prerelaxed with what we heard yesterday. >> i think the potential markets have factored in now for very many months. the economy here in the uk is flat. it's flat lined. there's no growth. our deficit has been expected to stay high now for many months. the chancellor confirmed yesterday what we've all known for a long time. the national debt is rising year on year. the borrowing is not coming down. britain was an experiment two years ago in rapid austerity. i think the markets here know what the country here in britain knows, it's failed. >> they did come out saying business applauded measures yesterday, which i'm sure he would also applaud. 32 pounds of national insurance. that's going to help job creation, cutting corporate tax rates again. infrastructure spending, he's done that, as well. there are very business friendly measures here and it's the private sector, after all, that's going to get the growth going in this country. >> look, the small busin
he said the chancellor is sucking the confidence out of the economy. the financial markets seemed e prerelaxed with what we heard yesterday. >> i think the potential markets have factored in now for very many months. the economy here in the uk is flat. it's flat lined. there's no growth. our deficit has been expected to stay high now for many months. the chancellor confirmed yesterday what we've all known for a long time. the national debt is rising year on year. the borrowing is not...
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Mar 21, 2013
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it weakens those economies dramatically, weakens those countries. and it also weakens italy. >> you're saying potential contagion. finally, how does it get resolved? michelle is talking about a good bank/bad bank, nobody pays on deposits up to $100,000. the bailout is 10 billion euros from the european -- ecb. the bail-in is about $6 billion euros. so greece is looking for whatever they're looking for, $4 billion, $5 billion. or does europe bail that out even more? >> the biggest factor of all, dan and i were talking a couple minutes ago, the depositors above 100,000 will lose 40% to 50%. >> those are russians. they're going to be pissed off. >> the great systemic problem of giant bank failures is somewhat eliminated by what they're putting forward now. >> what do you think, dan? does this work? >> for our viewers i don't think it matters. the specifics are super interesting, we're going to go have a drink. what matters to people at home, what matters to the larger story is we decided that people's property in banks was not their own. >> in europe o
it weakens those economies dramatically, weakens those countries. and it also weakens italy. >> you're saying potential contagion. finally, how does it get resolved? michelle is talking about a good bank/bad bank, nobody pays on deposits up to $100,000. the bailout is 10 billion euros from the european -- ecb. the bail-in is about $6 billion euros. so greece is looking for whatever they're looking for, $4 billion, $5 billion. or does europe bail that out even more? >> the biggest...
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Mar 26, 2013
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it's a fundamental aspect of our economy and it helps support why innovator drug companies invest the r&d monies to develop new drugs. and that so long as the patent settlement agreement provides for generic competition before that expires, consumers are better off because they're getting the product sooner. >> what happens, jeff, if the ftc wins this case and everything has to go back to court, all the parties have to pay enormous costs, a lot of time to work through their differences. in the end doesn't the consumer end up paying more monçíó÷ doesn't that increase the cost anyway? >> that could happen if drug companies need to spend more time in the courtroom paying people like me to litigate their cases. that certainly races costs, and ultimately at some point gets passed along to consumers. so from that perspective, certainly the drug companies would point out, as you mention, that a rule that had a tendency to extend litigation rather than terminate it need to be taken into consideration. >> so the fcc basically says, if these lawsuits proceeded to overturn a patent, then the
it's a fundamental aspect of our economy and it helps support why innovator drug companies invest the r&d monies to develop new drugs. and that so long as the patent settlement agreement provides for generic competition before that expires, consumers are better off because they're getting the product sooner. >> what happens, jeff, if the ftc wins this case and everything has to go back to court, all the parties have to pay enormous costs, a lot of time to work through their...
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Mar 22, 2013
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the economy is going better. the boom in collectibles goes far beyond art and cars and things we talk about usually. comic books selling typically for $1 million or more for the prized batman and spider man. so this reaches way beyond the usual categories. >> it's anything of limited supply that you cannot go back. why is it called a jumbo? >> i i think because it's in perfect condition front and back, graded five or higher. there are only three of these. it's unclear what it will sell for. the last one sold during the heat of the fm crisis. again in the seven figures. this one is already up to 1.4. bidders have a chance to bid on this thing. it will probably gost past $3 million. zl come back and let us know how it goes. >> i will, i will. >> scott, thank you very much. >> it's been a pleasure. it's been real fun. >> thank you very much. we'll see you at the halftime report. if you're just tuning in good morning. this is what you've missed so far. >> welcome to hour three of "squawk on the street." here's what's
the economy is going better. the boom in collectibles goes far beyond art and cars and things we talk about usually. comic books selling typically for $1 million or more for the prized batman and spider man. so this reaches way beyond the usual categories. >> it's anything of limited supply that you cannot go back. why is it called a jumbo? >> i i think because it's in perfect condition front and back, graded five or higher. there are only three of these. it's unclear what it will...
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Mar 20, 2013
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economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of cours
economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people...
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Mar 25, 2013
03/13
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and they understand how vital banking is to their economy. >> you just break down the economy of cyprus because this is banks and tourism. if you break down the banks, it is over, it is a very small country. >> earlier today the euro chairman said it was a good model for europe and they should consider reducing the size of their bank. an eu official is telling him those remarks were taken out of context and cyprus is a specific case. to you. liz: thank you very much. rich is on the ground and talking to people on the ground in cyprus, looking at the banks, atm machines to see what is happening because it matters here psychologically even though it is a small nation. we're looking at a very close a situation that may affect us so stay tuned with that. breaking news in the last few minutes, a test flight of boeing 78787 dreamliner just took off aiming to restore the service after recent battery problems. getting i in the chair, a ceo wh 50% of his entire business coming from boeing. from philadelphia, the triumph group ceo. what do you make of the news, have to be hopeful and thrilled at
and they understand how vital banking is to their economy. >> you just break down the economy of cyprus because this is banks and tourism. if you break down the banks, it is over, it is a very small country. >> earlier today the euro chairman said it was a good model for europe and they should consider reducing the size of their bank. an eu official is telling him those remarks were taken out of context and cyprus is a specific case. to you. liz: thank you very much. rich is on the...
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Mar 26, 2013
03/13
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also, this could have implications for the economy, because 2/3 of the economy is based on consumer spending, and if people aren't buying cars or homes, that could have an impact. > the credit industry is trying to get around this. young people need credit, and they have come up with some alternative means to do that. > > one of the biggest credit bureaus, experian - they are one of the three big ones - they are starting to factor in things like rent payment, so even if people don't have credit cards, this is one of the alternative ways that people's credit-worthiness is being assessed. > becky yerak from the chicago tribune. thanks so much. > > thank you. thank you bill. still ahead, a bond bonanza. from what you can expect out of the bond market in the second quarter to what bonds are telling us about the economy,l it's all after the break. similar to stocks, the bond market has been riding the ups and downs of news out of cyprus. doug rothschild, president of performance trust investment advisors, is here to do some bonding with us this morning. good to have you on the show. > > good to b
also, this could have implications for the economy, because 2/3 of the economy is based on consumer spending, and if people aren't buying cars or homes, that could have an impact. > the credit industry is trying to get around this. young people need credit, and they have come up with some alternative means to do that. > > one of the biggest credit bureaus, experian - they are one of the three big ones - they are starting to factor in things like rent payment, so even if people don't...
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Mar 19, 2013
03/13
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the big policy shift or abe-onomics is giving aus view of the japanese economy. we think that the current stance and the shift at the boj with the new governor taking place later this week is clearly the best opportunity japan has had in the last 15 years to get rid of deflation and i think in that sense we are staying with the market momentum which is very constructive on japan. that is our biggest overweight. >> regional equities. >> we'll leave it there. valentin, appreciate your time today. >> i had mentioned as well the u.s. stocks. here is a look at futures. we saw it in cypriot banks, cypriot stocks reopen not happening. they will be staying closed until at least thursday. largely looking down on the dow by 14 points. the nasdaq and the s&p pointing higher when it did emerge that cypress wouldn't be voting and not approving the terms of the bailout last night. we're still waiting for the final confirmation on the timing of that vote. not so much market nervousness here. the ftse cnbc global 300 is down by 0.1%. as we look at major european markets, the fts
the big policy shift or abe-onomics is giving aus view of the japanese economy. we think that the current stance and the shift at the boj with the new governor taking place later this week is clearly the best opportunity japan has had in the last 15 years to get rid of deflation and i think in that sense we are staying with the market momentum which is very constructive on japan. that is our biggest overweight. >> regional equities. >> we'll leave it there. valentin, appreciate your...
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Mar 26, 2013
03/13
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. trowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. ♪ sandra: great music for this segment. incredible story if you have not heard it. florida gulf coast university. you may have heard of them, maybe not, probably not most of us until last night in what some call the biggest cinderella story in ncaa history. florida gulf coast was the first number 15 seed to reach the sweet 16. odds of winning the ncaa championship are roughly one in about 80 # ,000, well, they definitely got everyone's attention now. how can the university capitalize on acinderella reputation? joining me now is the marketing guru and executive creative director, bruce. turkell? >> yes, thanks. sandra: guide us along here. nobody knew anything about the university until this past week, and they blossomed
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. trowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. ♪ sandra: great music for this segment. incredible story if you have not heard it. florida gulf coast university. you may have heard of them, maybe not,...
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Mar 22, 2013
03/13
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we're in the obama economy. a college student doesn't need to study capitalism, moves into his parents house, lives there until he's 30. is on their health care plan. where do you find a professor to teach the joys of capitalism. >> there has to be somebody out there. >> they are there but they are a vanishing minority. >> capitalism is freedom. i appeal to your higher spirits. there must be an agreement with us some place. capitalism is about freedom. live, liberty and pursuit of happiness is done best through the free market capitalist system. >> i agree with you, larry. i don't know what stanford is doing. obviously they can do what they want because they are a private university and we have freedom of speech but i certainly would encourage the teaching of capitalism on campus. but i think you're all on a different planet. liberals are very supportive of capitalism. and this notion that somehow that the whole country has become anti-capitalist is not true. >> dave horowitz the congress man believes liberals a
we're in the obama economy. a college student doesn't need to study capitalism, moves into his parents house, lives there until he's 30. is on their health care plan. where do you find a professor to teach the joys of capitalism. >> there has to be somebody out there. >> they are there but they are a vanishing minority. >> capitalism is freedom. i appeal to your higher spirits. there must be an agreement with us some place. capitalism is about freedom. live, liberty and...
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Mar 25, 2013
03/13
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i don't know if that impacts on the economy today, but you can't tell me this is a good thing for the future when we take away the programs for kids. >> bottom line is, literally, barack obama needs more revenue. he needs another source. he just raised taxes on the risk, talking about closing deductions which is not enough. i'd like to predict they will eventually put another tax mechanism on the table such as a value added tax or some kind of carbon tax because they similarly have to have a sustain revenue flow to support things like the $10 billion a year for universal education. sandra: rick? >> it's a wonderful idea, dan, but it's not going to happen. >> they'll try. >> no, they won't. sandra: we'll leave it there. thank you so much for joining us. the rainy day funds highs not seen since recession. what do states want to do? spend it, of course. are they setting themselveses up for fiscal disaster? a huge armed air left, but could it fuel a costly disaster ahead? details on that coming up. can you ever have too much "money"? ♪ we went out and asked people a simple question: how
i don't know if that impacts on the economy today, but you can't tell me this is a good thing for the future when we take away the programs for kids. >> bottom line is, literally, barack obama needs more revenue. he needs another source. he just raised taxes on the risk, talking about closing deductions which is not enough. i'd like to predict they will eventually put another tax mechanism on the table such as a value added tax or some kind of carbon tax because they similarly have to...
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Mar 20, 2013
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and global economy. they are doing it, we are seeing them succeed in a lot of different ways. the productivity story is good. that is where elevating standard of living comes from. that is -- we are looking at more confidence going forward now. >> and the dycotomi has been that the smaller businesses have not been able to do that. >> we have to stop picking on them. >> mike and tony will stay with us. situation in cyprus is as dicey as ever. question, will russia come to the rescue? will the banks there ever reopen? and will it stay in the eu? we've reports from moscow and cyprus, coming up next, please stay with us. >> situation in cyprus getting worse today, banks will not open until next week at the he earliest. good evening michelle. >> larry, another day, another attempt to try to come up with a rescue plan for cyprus, today cyprus suggested that they would try to raid a pension fund, and promise to pay the workers down the road. but that idea was not liked. additionally they are trying get money fr
and global economy. they are doing it, we are seeing them succeed in a lot of different ways. the productivity story is good. that is where elevating standard of living comes from. that is -- we are looking at more confidence going forward now. >> and the dycotomi has been that the smaller businesses have not been able to do that. >> we have to stop picking on them. >> mike and tony will stay with us. situation in cyprus is as dicey as ever. question, will russia come to the...
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Mar 18, 2013
03/13
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to the program. european markets are start to go drift lower again. the ftse mib is down 2%. the dax in germany holding up better. the ftse 1100, too. fwank stocks mostly taking it on the chin, though. whether we're talking about spain where bbva is down 3.7%, banco santander down 3%. it looks as though declines in the banks are leading this next leg lower. here is a quick look at what's on this week's agenda as we turn our attention to the u.s. the national association of home builders releases its march index today. the pboc meeting starts tuesday with tons of data for thursday including manufacturing index for march, the philly fed survey and is leading economic indicators. with all that to run throu
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to the program. european markets are start to go drift lower again. the ftse mib is down 2%. the dax in germany holding up better....
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Mar 22, 2013
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. >> in terms of longer term, do you think this economy improves second half or do you think it slows down? >> i think, as a matter of fact, we're probably in the second quarter. you'll start seeing slow growth. but i think as this summer winds, you know, goes through, we'll start seeing some growth again. i do think that by the end of the year, we're going to be not a lot higher, but i think we'll be at all-time highs as the year goes on. probably the the end of the summer, the third quarter going into the fourth quarter. i'm positive. >> so bill, because the s&p capital iq estimates call for 0.6% growth the first quarter and then it goes up to 7%. so they're expecting profits to actually reaccelerate second half. >> lee munson, you're the only outside guest buying stocks here. what are you buying here? >> you know, i'm just focusing where i need to get some more exposure. i'm focusing first on emerging markets. they've lagged year-to-date. i think they can outperform by december 31st. i like the emerging markets to add more money today. i would also say, add more money to the s&p 50
. >> in terms of longer term, do you think this economy improves second half or do you think it slows down? >> i think, as a matter of fact, we're probably in the second quarter. you'll start seeing slow growth. but i think as this summer winds, you know, goes through, we'll start seeing some growth again. i do think that by the end of the year, we're going to be not a lot higher, but i think we'll be at all-time highs as the year goes on. probably the the end of the summer, the...
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Mar 25, 2013
03/13
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is it going force the economy into recession? >> oh, deep. deep recession. there are predictions of a decline of more than 10%. it makes up 50% of this economy. it's going to be catastrophic, absolu absolutely. as we saw, the comments about a template are really throwing it in the works, but we seem to be coming back a little bit now. how are the markets realing this? >> it matters whether it is or isn't. i appreciate the attempts to finesse this. then when we got the clarification from his office, which is really him. is it his aide or him? the markets came up. and no models or templates are used. you can see how confused the markets are on this. you can see u.s. financial stocks. but more importantly we also came off the lows in european stocks. these are italian stocks to trade here. ewi is the symbol here. same thing coming right off of the lows. >> bob, thank you so much for that. let's bring in the president of mercadian asset management. let's just move away from cyprus for two seconds. we really need some good news at this point. more than momentum.
is it going force the economy into recession? >> oh, deep. deep recession. there are predictions of a decline of more than 10%. it makes up 50% of this economy. it's going to be catastrophic, absolu absolutely. as we saw, the comments about a template are really throwing it in the works, but we seem to be coming back a little bit now. how are the markets realing this? >> it matters whether it is or isn't. i appreciate the attempts to finesse this. then when we got the clarification...
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Mar 21, 2013
03/13
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president has been silent since saying the budget sequester will produce very big lay-offs and a weakened economy. he's got radio silent. we know next week that will be the week when the president will most likely use his podium to talk about how horrible sequestration will be because it kicks in at the end of the month. perhaps the excellent jobless numbers we got this morning will be the last good one if it's as bad as obama scares us into thinking it is. local and state governments are cutting back. that's not positive. finally, there is this misquarter evidence. federal express did blow up. it's not a good number. caterpillar is down 12%, retail sales number might not translate into weak earnings. i was prepared for cat sales to be flat, maybe up a little, not down double digits. then oracle. while oracle almost always bounces back, making my chartible stock to want to buy more, i have to believe the m e macroenvironment has gotten worse than we thought. oracle is not that bad a company. you i don't want to get too negative either what could be right? while i don't expect a grand bargain in w
president has been silent since saying the budget sequester will produce very big lay-offs and a weakened economy. he's got radio silent. we know next week that will be the week when the president will most likely use his podium to talk about how horrible sequestration will be because it kicks in at the end of the month. perhaps the excellent jobless numbers we got this morning will be the last good one if it's as bad as obama scares us into thinking it is. local and state governments are...
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Mar 18, 2013
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was muted because the economy in the u.s. is pretty good and because it's still viewed as a safe haven. look what happened to the dollar. we can't continue to have question marks about confidence in an area of the world that's fragile and expect risk asset rallies including equity market to rally. >> european banks, they got hurt. they were down 3.5% to 4%. american banks were not. bank index was down less than 1%. i want to ask you though. given what dallara said, how do you assess the risk of this whole story? it seems small. a nothing little island. how do you see it? >> the last four years have been dedicated looking at risks globally. in my book i talk about the destruction lehman cauause overseas. now it's the reverse. the last three years we had elevator shaft drops in the u.s. stock market. at the end of the first quarter, beginning of the second quarter, 16%, 20% and 10%. each time there was credit spread contagion from europe. a sovereign problem that led to a bank problem. then that weakness led to u.s. credit spre
was muted because the economy in the u.s. is pretty good and because it's still viewed as a safe haven. look what happened to the dollar. we can't continue to have question marks about confidence in an area of the world that's fragile and expect risk asset rallies including equity market to rally. >> european banks, they got hurt. they were down 3.5% to 4%. american banks were not. bank index was down less than 1%. i want to ask you though. given what dallara said, how do you assess the...
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Mar 19, 2013
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i mean, if you look at cyprus' economy, there are two major factors to that economy. tourism and financial services. you could kill the financial services immediately right there. so it's two underpinnings. almost like when greece was doing smo of the same things. >> but you say it matters because it could spread elsewhere? >> just the thought that somebody thought this was a good idea is scary enough to me, i would think. but it's going to be one of those things. we'll have to watch and see how it folds out. but i've got a feeling it will have to turn itself around fairly quickly. >> michael, what do you think? have you changed any of your behavior in terms of allocating capital, as a result of what we've seen in the last 48 hours? >> no, not really, maria. i still think that cyprus is certainly something to watch. but i think it's just part of the negotiation process, exactly what's happening in greece. we have to watch and see if it accelerates and this idea sweeps around europe, but i doubt that's going to happen. i actually think that europe is starting to presen
i mean, if you look at cyprus' economy, there are two major factors to that economy. tourism and financial services. you could kill the financial services immediately right there. so it's two underpinnings. almost like when greece was doing smo of the same things. >> but you say it matters because it could spread elsewhere? >> just the thought that somebody thought this was a good idea is scary enough to me, i would think. but it's going to be one of those things. we'll have to...
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Mar 26, 2013
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the economy is on stable ground. we've changed the conversation, as you know, simon from a double dip and a weak economy to one that's gaining momentum here and what we will likely see going forward as we continue to see gains in housing, energy, manufacturing and all positive in this environment catching up. so company, you see some of the dealmakers and m & a activity will be very strong and cash on balance sheets is becoming a liability here and i think companies are looking to see what they can do and return it to shareholders is just one component of that. >> michelle, there's a note out overnight from goldman in which they argue that the unemployment in the company is cyclical. if you can get the economy revving fast enough it is possible to reverse this. would you agree with them? >> i think there are structural elements to it, so i think that nehru or the steady state unemployment rate is higher than it was prior to the crisis, but i would agree that there are cyclical components, and if we stimulate enough c
the economy is on stable ground. we've changed the conversation, as you know, simon from a double dip and a weak economy to one that's gaining momentum here and what we will likely see going forward as we continue to see gains in housing, energy, manufacturing and all positive in this environment catching up. so company, you see some of the dealmakers and m & a activity will be very strong and cash on balance sheets is becoming a liability here and i think companies are looking to see what...
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Mar 21, 2013
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you've got the good economy. tremendous housing numbers, miraculous retail sales, terrific oil and gas markets. you have the bad economy. weakening commodity prices. slow commercial real estate business. really bad world commerce outlook. real soft information technology sales. you mix them all up together and you get the absolute perfect environment for the fed reserve to stay stock market friendly. that's exactly what happened today. ben bernanke allowed the averages to power higher. dow gained 56 points. the s&p rising today, nasdaq jumping .78%. it's not sleight of hand or alchemy at work here, despite what critics say when they constantly slam the fed. >> boo! >> bernanke is not playing a game of move the stock market higher by simply continuing to keep the competition from bonds incredibly weak. he's got a real good reason for doing what he's doing, which is staying the course, keeping rates low. that reason? 1937. see, ben bernanke is a rigorous guy. he's a professor and a genuine scholar of american finan
you've got the good economy. tremendous housing numbers, miraculous retail sales, terrific oil and gas markets. you have the bad economy. weakening commodity prices. slow commercial real estate business. really bad world commerce outlook. real soft information technology sales. you mix them all up together and you get the absolute perfect environment for the fed reserve to stay stock market friendly. that's exactly what happened today. ben bernanke allowed the averages to power higher. dow...
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Mar 18, 2013
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economy. and, where hyes, they're in ver shape. they're generally optimistic about their revenue outlook. they tend to have a lot of cash on their balance sheets. they are genuinely concerned about the health care costs, taxes, and regulatory environment. that's the primary reason they don't hire more people. but their businesses are actually doing fine. >> john, i know i asked you this the last time. believe me. it's just that every time you leave then we hear more reports of wells fargo is trying to acquire cit. t.d. bank. has the price not been right? >> well, i really think you need to get wells fargo or t.d. on your show and ask them that question. >> all right. let me ask you about something that i know is near and dear to your heart. the new york stock exchange. what's your take, john, at the deal to acquire n -- he told me last week he's going to spin out some of the european exchanges. as you know he's got five european exchanges that he's going to try to ipo. >> even when i was at the new york stock exchange, the combinat
economy. and, where hyes, they're in ver shape. they're generally optimistic about their revenue outlook. they tend to have a lot of cash on their balance sheets. they are genuinely concerned about the health care costs, taxes, and regulatory environment. that's the primary reason they don't hire more people. but their businesses are actually doing fine. >> john, i know i asked you this the last time. believe me. it's just that every time you leave then we hear more reports of wells fargo...
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Mar 18, 2013
03/13
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> take a look at futures. the dow looks like it would open off about 103 points. fass dak would be off about 32 points and the s&p 500 off about 16 points. making headlines this morning, beyond cyprus, airbus is landing a record order of jets from indonesia's lion air. the deal is for $24 billion for 234 planes. also today, president obama is going to be nominating thomas perez to head the labor department. >> we wondered. >> an airplane guy. >> if we were going to pull back, we wondered where it was going to come from. but this doesn't change that we're still -- the dollar has been thrown away, the best house in the neighborhood, things here are still going better. so the question is, does europe still have the -- >>
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> take a look at futures. the dow looks like it would open off about 103 points. fass dak would be off about 32 points and the s&p 500 off...
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Mar 18, 2013
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this index used to be a fairly important measure of the global economy. but too many ships, and the only thing the baltic dry index has told us is that it's a real lousy business to be a shipper. >> house of pain. >> it had its worst performance in 26 years, falling over 41%. thanks to worries about a chinese slowdown as well as an oversupply of ships. in fact, when you look at -- sorry. when you look back, the baltic dry index has been in a giant down trend ever since it peaked in may of 2008. the index hit a low of 661 last fall. but i believe we're seeing signs of a bottom in the baltic dry index could at last finally be able to climb. in fact, it's already rebounded off its lows. it's up 26% year-to-date. so why do i think it's bottomed? the fact is, dry bulk shipping rates simply can't get much lower than where they are now. when rates go this low, they make up a low this level, the ship owners stop taking them on voyages because they don't earn enough to cover the cost of the trip, the hate boat. things are so bad they literally can't get much worse
this index used to be a fairly important measure of the global economy. but too many ships, and the only thing the baltic dry index has told us is that it's a real lousy business to be a shipper. >> house of pain. >> it had its worst performance in 26 years, falling over 41%. thanks to worries about a chinese slowdown as well as an oversupply of ships. in fact, when you look at -- sorry. when you look back, the baltic dry index has been in a giant down trend ever since it peaked in...
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interest rate policies are bank theft by another name but that didn't get the economy stimulated the way they wanted it to but these steps are still there that were incurred by the banks who took all the money so now they're just going to give up all pretense of enacting a policy and they're just going to reach in and steal your money. and let's see what has. happened in the u.k. which has had rather call quantitative easing and we've talked often to save our savers simon rose well he's got an actual he's broken down the exact number the exact pounds that have been stolen from pensioners and savers for years of savers propping up the banks and subsidizing debt save our savers is calculated that the total cost to savers in the four years since march two thousand and nine is two hundred twenty point four billion pounds max that's on a total savings in the u.k. of one point one trillion pounds so he's to basically half of it is because of inflation and half of it is because of reduced interest on the savings account very well even the bank of england released figures six months ago they
interest rate policies are bank theft by another name but that didn't get the economy stimulated the way they wanted it to but these steps are still there that were incurred by the banks who took all the money so now they're just going to give up all pretense of enacting a policy and they're just going to reach in and steal your money. and let's see what has. happened in the u.k. which has had rather call quantitative easing and we've talked often to save our savers simon rose well he's got an...
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Mar 19, 2013
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economy our main problem is nobody is really talking about job creation. that the biggest threat that we're facing to the future is the fact that we still have really 25 million people unemployed or underemployed. that's a much more serious problem. >> the fed is talking about it. >> washington is not focused on it. and the whole sequester debate, the real crisis is the jobs crisis. ironically when people leave office they begin to talk about it. like samuels. he's been talking more about the fastest way to reduce the deficit is to grow the economy. >> right. arianna is going to be sticking around. we'll continue this conversation after a short break. >> coming up, mindful leadership. today's corporate leaders will try to increase innovation, productivity and wellness among employees. and money madness is here. we're looking at some of the most widely held stocks and letting you know which will come out at the end of the year. and two mobile giants. "squawk box" will be right back. [ laughter ] ♪ [ female announcer ] each one of us is our own boss. ♪ a
economy our main problem is nobody is really talking about job creation. that the biggest threat that we're facing to the future is the fact that we still have really 25 million people unemployed or underemployed. that's a much more serious problem. >> the fed is talking about it. >> washington is not focused on it. and the whole sequester debate, the real crisis is the jobs crisis. ironically when people leave office they begin to talk about it. like samuels. he's been talking more...
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Mar 21, 2013
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they are such an integral part of what moves stuff in the economy. airlines are doing very well, but others are not. fedex, just an example of that. does that trouble you for the market here? >> yeah, it does trouble me. and going forward, we're going to watch those earnings closely, but you need a good transportation sector. we've had a nice little push, but now it seems to be getting a little weak. >> at the end of the day, $100 million for stocks for sale earlier. not a major number, but what are you expecting as we close out this day, down 86 points? does this get worse in the next minute? >> it could get a little worse. all the negative things considered, things aren't bad, down 80, 90 points at the end of the day. >> i'm going to go. we've got some numbers after the close. nike, we're waiting on, second hour of the "closing bell." see you tomorrow. alan, good to talk to you. >> you're skeptical on this rally? >> i am. >> is there a level that you need to get down to and you'll want to get back into this market again? >> you know, it is. it's fu
they are such an integral part of what moves stuff in the economy. airlines are doing very well, but others are not. fedex, just an example of that. does that trouble you for the market here? >> yeah, it does trouble me. and going forward, we're going to watch those earnings closely, but you need a good transportation sector. we've had a nice little push, but now it seems to be getting a little weak. >> at the end of the day, $100 million for stocks for sale earlier. not a major...
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two pounds from interest income that would have gone in these pensioners accounts and spent in the economy so it's a form of financial suicide and there was as a result there was no growth so now they're just going to reach in and steal your money was shocking to me so there are still people in the media who are trying to rationalize this and justify this claim that it's something other than just state sanctified of theft so member saver saver says two hundred twenty point four billion pounds of one point one trillion that's almost twenty percent folks so where is that up where where are the people storming you know the prime minister all power how if interest rates are five percent in the u.k. adventurous rates are five percent of the united states the amount of money that would be circulating in the economy not sitting on corporate balance sheets like apple is projected to now one hundred seventy billion in cash in a balance sheet the next two years if interest rates are at normal rates to reflect the normal historical trends the economy would be in a growth the g.d.p. would be expanding
two pounds from interest income that would have gone in these pensioners accounts and spent in the economy so it's a form of financial suicide and there was as a result there was no growth so now they're just going to reach in and steal your money was shocking to me so there are still people in the media who are trying to rationalize this and justify this claim that it's something other than just state sanctified of theft so member saver saver says two hundred twenty point four billion pounds...
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the economy is improving. we get to the next problem with is building up the balance sheet in a way that will make it hard to tighten when they need to tighten. >> the fact is you're siding with santelli over me but in a more polite way. one of the keys to what you're saying and i have a counter to this, maybe let you say it which is that you think the issue of taking money away from savers by lowering interest rates is something that hurts the economy and consumer spending more than lower interest rates create spending and helps the economy. >> yes. because first of all if you look at consumer interest income and consumer interest expense, consumers actually have more interest bearing assets an they do interest bearing liabilities. the key is liabilities are fixed rate at this stage or most are because of fixed rate mortgages. if you allow interest rates to go up, you push more none inmon the consumer sector than your cost to consumer sector and older americans live off cds and if you push up the income more,
the economy is improving. we get to the next problem with is building up the balance sheet in a way that will make it hard to tighten when they need to tighten. >> the fact is you're siding with santelli over me but in a more polite way. one of the keys to what you're saying and i have a counter to this, maybe let you say it which is that you think the issue of taking money away from savers by lowering interest rates is something that hurts the economy and consumer spending more than...
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i just had a thought on the economy. if you take a look at unemployment rates, overall, 7.7% is not the worst thing in the world, but four years after the recovery, it should be lower. here's the ones that are killers, and i just want to get your thoughts on how to solve it. teenage employment in the usa, total teenage employment, 25%. overall black employment, 13.8%. and the worst one is teenage black employment, 43%. how in the world can we solve those problems, sir? >> it's going to take a concerted effort. first of all, we as a society need to recognize for every one of those young people we can keep from going on the path of despair, that's one more tax paying productive member of society who may discover a new energy source. so we need to think of ways to invest in them early. that's why we put in reading rooms and all these places to get them interested in reading because we have a 30% high school dropout rate in this country, and this is the information age, the age of technology. there is no way we can afford to
i just had a thought on the economy. if you take a look at unemployment rates, overall, 7.7% is not the worst thing in the world, but four years after the recovery, it should be lower. here's the ones that are killers, and i just want to get your thoughts on how to solve it. teenage employment in the usa, total teenage employment, 25%. overall black employment, 13.8%. and the worst one is teenage black employment, 43%. how in the world can we solve those problems, sir? >> it's going to...